Brand Finance Football Brands 2012

Transcription

1 Brand Finance Football Brands 2012 The world s most comprehensive study of global football club brands May 2012

2 Executive Summary Welcome to The BrandFinance Football Brands 2012 report highlighting the world s most valuable Football brands. Manchester United remains the world s most valuable football club brand valued at US $853 million despite a season without any trophies. Chelsea s dramatic European success allowed it to hold onto 5 th place, however a poor league campaign has hindered it. Despite this, in 2012 their brand value has increased by 27% to US $398 million. FC Bayern München is the big winner this year with a brand value of US $786 million, leveraging its strong brand domestically to generate the largest commercial revenues in world football. The Euro Crisis has wreaked havoc on Spanish and Italian football with the majority of their teams slipping down our rankings s Most Valuable Football Brand, Real Madrid, has dropped down to 3 rd place at US $600 million, just ahead of Catalan rivals Barcelona with a brand value of US $580 million. Brands are the most valuable intangible assets in business today. They drive demand, motivate staff, secure business partners and reassure financial markets. Leading edge organisations recognise the need to understand brand equity and brand value when making strategic decisions David Haigh, CEO, Brand Finance 2

3 Contents Executive Summary Top 20 Most Valuable Football Brands Brand Story How the leagues compare Top teams from around the world How were the rankings compiled? About Brand Finance Our Services Our Sport Specific Services Contact Details Appendix: Full club result listings for the BrandFinance Football Brands Full league listings for the European Football League Brand Values Brand 2 Finance plc

6 The Champions of Europe s brand value is constrained by match-day capacity By David Chattaway, Head of Sports Brand Valuation, Brand Finance 6

7 WikiMedia Creative Commons Despite being Champions of Europe, Chelsea is only 5 th in the Brand Finance Football Brands 2012 with a brand value of US $398m, keeping the club just ahead of London rivals Arsenal, but a gulf away from Barcelona in 4 th position. Our analysis shows that the current Stamford Bridge stadium is severely limiting Chelsea s growth potential and ability to challenge its European peers. Stamford Bridge s 41,837 capacity ranks only 30 th in current European club stadia. Despite regularly selling out with the highest general admission prices in Europe the club still lacks the fixed assets to compete. With only 5,000 corporate hospitality tickets available Chelsea cannot fully tap into the higher corporate hospitality yields that its rivals enjoy. Meanwhile, in comparison Arsenal s Emirates Stadium has 24,000 hospitality tickets available and Manchester United s Old Trafford has 33,000. Chelsea FC has stated that current proposals to redevelop Stamford Bridge into a 55,000 or 60,000 seat stadium does not stack up financially with the current site, logistics and transport links. As a result of this the club has recently expressed an interest in Battersea Power Station. This site would allow additional seating capacity, an improved match-day experience, increased corporate hospitality yields, stadium naming rights options, state of the art digital advertising opportunities and additional revenue streams. Chelsea needs this revenue boost more than others to ensure it fulfils the FIFA financial fair play rules being phased in over the next few years. Outside of the stadium, Chelsea s commercial strategy is very much following in the footsteps of Manchester United, with a brand focused on local community based initiatives mixed with global marketing of the brand itself. The club has set up international football schools, retail outlets and used its partnerships with sponsors to create awareness in their home territories. There are now 15 million Chelsea fans in South Korea as a result of its longterm sponsorship deal with Samsung. The club has also recently signed new commercial contracts with Audi and Bank Negara and we expect this portfolio to expand on the back of its Champions League title. One unique area where Chelsea has excelled above its European peers is in digital marketing. The club has been a leader in rolling out social media initiatives and adapting to new digital technology. Its new partnership with the Sauber F1 team is a good example of the club looking at new platforms to extend the reach of their brand to new audiences. 7

9 Broadcasting is King This year we ranked each European football league by the aggregated total of each club s brand value. Unsurprisingly the Barclays Premier League comes out top, with the most global appeal of any sports league in the world. The German Fußball-Bundesliga comes in at a comfortable 2 nd, well above the Spanish La Liga and Italian Serie A, which may come as a shock to some. What our analysis reveals is that the most valuable leagues have strength in the depth, not just in one or two big teams was a stellar season for the English Premier League with huge broadcasting deals centrally negotiated by the Barclays Premier League and distributed fairly amongst the clubs has bred a fiercely competitive and exciting league. This gives the league s broadcasting contract negotiators a brilliant product to sell around the world. In turn this provides more revenue for the English clubs allowing them to continue to put on a great show to sell at a higher price at the next round of negotiations. Furthermore, as well as being easier to find, this encourages sponsors to pay high fees safe in the knowledge that they can reach a global audience. This upward self-perpetuating spiral of success has allowed English teams to dominate the world of football and owes itself to a bold decision made 20 years ago. The Premier League s decision to assign broadcasting rights to BSkyB in 1992 was a big risk as at that time pay 643m Viewers worldwide of the Barclays Premier League $17bn Total Value of European Football television was an untested idea in the United Kingdom. However, a combination of great coverage from Sky, the quality of football and the English fan s insatiable appetite for football saw the value of the Premier League s TV rights soar. Now watched in 212 territories by an audience of 643 million the Premier League was able to distribute almost GBP 1 billion to English clubs last year. This single decision gave the Premier League a huge first mover advantage. Germany was not far behind and their relatively early adoption is evident as the Bundesliga owns the second most valuable brand in football, FC Bayern München. The Bundesliga s success also owes a lot to tight financial regulation meaning clubs must be run like a business ensuring stability. A competitive league with the highest average attendances in Europe is a stark contrast to the Spanish BBVA Liga. In Spain broadcasting rights are negotiated individually on a per team basis, meaning both Barcelona and Real Madrid generate massive revenues. Great for them, but it leaves little for the rest of Spain. With others in the BBVA Liga unable to compete financially there is little hope for them to compete on the pitch. This has damaged the BBVA Liga product as a whole making it less marketable to foreign audiences. On the one hand Spain has two great teams full of massive stars, on the other it is a hugely distorted duopoly where only two clubs have any chance of winning the title. 9

10 England Top Teams from around the world Barclays Premier League Country Global Club Brand Value: Change Rating EV* BV/EV 1 1 Manchester United FC % AAA+ 2,903 29% 2 5 Chelsea FC % AA- 1,836 22% 3 6 Arsenal FC % AA- 1,931 20% 4 7 Liverpool FC % AA- 1,502 24% 5 8 Manchester City FC % BBB+ 1,607 19% * Indicative enterprise valuation The power of the Barclays Premier League is shown by the English teams dominating our rankings. Half of the top ten spots are occupied by English clubs, including the number one spot, which Manchester United has held onto despite not winning any trophies this year. The Red Devils have used their international appeal and vast accumulated brand equity to keep the club on top. Following their heroic Champion s League victory Chelsea is the second most valuable English brand. All the teams have enjoyed brand value growth with the greatest rate seen at Manchester City. The huge investment in the club has only just begun to yield trophies, including this year s Barclays Premier League title. But the club has some way to go before it can challenge United s brand dominance. Spain BBVA Liga Country Global Club Brand Value: Change Rating EV* BV/EV 1 3 Real Madrid CF % AAA+ 3,013 20% 2 4 FC Barcelona % AAA+ 2,995 19% 3 31 Valencia CF % BBB 731 9% 4 45 Club Atlético de Madrid % BBB 643 8% 5 46 Sevilla FC 49 NEW NEW BBB % In common with Italy, the poor state of the Spanish economy has had a damaging effect on the brand values of Spanish clubs. La Liga, Spain s top division, is a duopoly controlled by Real Madrid and Barcelona. The results of the Brand Finance Football Brands 2012 bear this out, with Barca and Real having brand values nearly ten times that of the next most valuable Spanish club, Valencia. All * Indicative enterprise valuation Spanish teams have seen their brand values fall, with Real sliding from its position at the top of the global rankings two years ago to 3 rd in As the Spanish economy suffers, foreign fans become ever more important and the clubs must do everything they can to exploit their brands internationally. 10

11 Germany Top Teams from around the world Fußball-Bundesliga Country Global Club Brand Value Change Rating EV* BV/EV 1 2 FC Bayern München % AAA 2,042 38% 2 10 FC Schalke % BBB % 3 11 Borussia Dortmund % A % 4 17 Hamburger SV % BBB % 5 28 VfB Stuttgart % BB % * Indicative enterprise valuation The most valuable German football club brand by a huge margin is Bayern München, with a brand value of US$786m. Bayern is second only to Manchester United in the global table, having overtaken Barcelona and Real Madrid. Bayern s success lies in its shrewd commercial management and careful cultivation of their domestic market. Although the team missed out on European success after a nail-biting Champion s League final, Bayern will be back in the competition in 2012, benefitting from TV revenues and posing a credible title threat. Italy Serie A TIM Country Global Club Brand Value: Change Rating EV* BV/EV 1 9 AC Milan % AA+ 1,209 24% 2 13 FC Internazionale Milano % AA+ 1,093 20% 3 16 Juventus FC % BBB % 4 21 AS Roma % BBB % 5 22 SSC Napoli % BBB % 2012 has not been a successful year for Italian clubs in terms of brand value. Seria A s position as the premier source of world class football is under threat as the Italian clubs that dazzled in the 1990 s and were among the first clubs to exploit Asian markets are failing to match recent success stories from Spain, Germany and England. Undoubtedly a poor economy is scaring away * Indicative enterprise valuation investors and revenues, but not all of Italy s woes can be blamed on the Euro Crisis. Italian stadia, generally not owned by the clubs, have been poorly maintained, discouraging spectators. Juventus has taken a lead role in tackling this problem moving into their own 41,000 seater stadium. Coupled with winning Serie A this year, Juventus should be Italy s big brand movers next year. 11

12 France Top Teams from around the world Ligue 1 Orange Country Global Club Brand Value: Change Rating EV* BV/EV 1 15 Olympique de Marseille % A % 2 18 Olympique Lyonnais % BBB % 3 25 FC Girondins de Bordeaux % BB % 4 38 Paris Saint-Germain FC 64 NEW NEW BB % 5 58 LOSC Lille Métropole 36 NEW NEW BB 504 7% Ligue 1 clubs finances are managed by the DNCG ensuring clubs are run responsibly and at a benefit to French football. This has ensured great stability domestically but has hindered French clubs from challenging for the very biggest honours in Europe. They are not able to match the spending power of the big four footballing nations (England, Spain, Germany and Italy), so have difficulty securing the top players needed for European success. With UEFA s Financial Fair Play rules on the horizon * Indicative enterprise valuation this perceived weakness could soon become their saving grace allowing French teams to fight for European silverware on a level playing field. The other major issue facing French clubs is increasing attendances. If clubs cannot convince supporters to buy tickets then irrespective of Financial Fair Play rules, French teams will always be at a disadvantage. If clubs cannot convince supporters to buy tickets... French teams will always be at a disadvantage 12

13 Brazil Top Teams from around the world Brasileirão Petrobras Country Global Club Brand Value 2012 Rating EV* BV/EV 1 24 SC Corinthians Paulista 77 AAA % 2 39 São Paulo FC 58 AAA % 3 44 SC Internacional 51 AAA 537 9% 4 47 CR Flamengo 46 AAA % 5 55 Santos FC 38 AA % The revenues of Brazilian clubs pale in comparison to those of Europe, which has meant that Brazilian stars have left for the higher-paying clubs of the northern hemisphere. This boot drain has harmed the marketability and branding potential of Brazil s top division, restricting revenue. This has started to change in recent years as with Brazil s increasing * Indicative enterprise valuation wealth, the league becomes more exciting and key players like Neymar have resisted the urge to cross the Atlantic. With Brazil s economy booming and the World Cup in 2014, we should expect to see the league benefit from improved infrastructure and global exposure. Argentina The Primera División Country Global Club Brand Value 2012 Rating EV* BV/EV 1 65 Boca Juniors 29 AAA % 2 77 CA River Plate 22 AAA 239 9% CA Vélez Sársfield 15 AAA 193 8% Racing Club 8.0 AA % San Lorenzo de Almagro 7.6 A % Argentina lacks the revenues to make a big impact on the rankings of the Brand Finance Football Brands 2012 report, despite the rich history and quality of the league. Much like Brazil, there is a boot drain of top Argentine players to richer European sides that continues to damage the marketability of the Primera Division. Argentina needs to hold onto * Indicative enterprise valuation more of its stars and increase commercialisation though there is a limited prospect of this in the immediate future. 13

14 USA & Canada Top Teams from around the world Major League Soccer Country Global Club Brand Value 2012 Rating EV* BV/EV 1 40 Seattle Sounders FC 58 AA % 2 50 Los Angeles Galaxy 46 AA % 3 53 New York Red Bulls 40 BBB % 4 90 Philadelphia Union 19 BBB 69 27% 5 94 Real Salt Lake 18 A 56 32% * Indicative enterprise valuation Amway Canadian Championship Country Global Club Brand Value 2012 Rating EV* BV/EV 1 76 Vancouver Whitecaps FC 22 BB 61 36% 2 78 Toronto FC 21 BB 58 36% Impact de Montréal 11 BB 36 32% * Indicative enterprise valuation Seattle Sounders is the top US soccer club brand. The Brand Finance Football Brands 2012 puts the club at 40 th in the world with a brand value of US $58m. Also making the top 50 is MLS cup winning LA Galaxy, with a brand value of US $46m. Following the full international release, including clubs that fall outside the global top 50, the US top 5 is completed by the NY Red Bulls (whose brand value is US $40m), Philadelphia Union (US $19m) and Real Salt Lake (US $18.12m), all of which make the global top 100. Other MLS teams featured in the study are Canada s Vancouver Whitecaps, Toronto FC and Impact de Montreal. The Whitecaps are Canada s most valuable football club brand with a value of US $22m, putting them 76 th in the world. America, MLS still lacks in popularity by comparison to the US staples of NFL, MLB, NBA and NHL. Nevertheless, the MLS profile has been raised significantly with the league-funded acquisitions of European stars David Beckham and Thierry Henry. With revenues capped to promote competition, big rivalries and consequently big games to draw media attention have failed to materialise. With spending tightly controlled, young American stars such as Clint Dempsey move to the Premier League to make their name, while the MLS is still seen to an extent as somewhere for fading stars to ease into retirement. Despite soccer being the most played sport in North 14

15 Mexico Top Teams from around the world The Primera División Country Global Club Brand Value 2012 Rating EV* BV/EV 1 56 CD Guadalajara 38 AA % 2 68 Club América 25 AA % 3 91 Cruz Azul 19 AAA % 4 99 Tigres de la UANL 17 AAA % CF Pachuca 14 A % CD Guadalajara is Mexico s top football club brand. The Brand Finance Football Brands 2012 values the club s brand at US $38m ranking it 56 th in the world. Though they did not feature in the top 50, the release of the report in full shows that three other Mexican clubs are among the world s 100 most valuable. * Indicative enterprise valuation Mexico s 2 nd most value football brand is Club America (brand value US $25m), 3 rd is Cruz Azul (US $19m), 4 th is Tigres de la UANL (US $17m) while CF Pachuca is 5 th with a brand value of US $14m. MLS is still seen as somewhere for fading stars to ease into retirement 15

16 South Korea Top Teams from around the world Major League Soccer Country Global Club Brand Value 2012 Rating EV* BV/EV 1 62 FC Seoul 31 AA % 2 74 Suwon Samsung Bluewings 22 AA 81 28% 3 93 Pohang Steelers 18 A % Jeonbuk Hyundai Motors 16 AA % Ulsan Hyundai FC 14 AA % Huge investment in stadia for the 2002 World Cup and South Korea s excellent run in the competition saw a massive surge in interest in football across the country. However after the initial euphoria wore off and the national team failed to maintain their World Cup momentum the domestic football market began to wane. Poor attendances and * Indicative enterprise valuation domestic teams that cannot match the quality of top European clubs have turned off fans, reducing their appetite for the K-league. The clubs are pushing their brand hard but face an uphill struggle against fans that would rather watch the English Premier League on TV. Japan The J. League Division 1 Country Global Club Brand Value 2012 Rating EV* BV/EV 1 51 Nagoya Grampus 45 AA % 2 54 Kashima Antlers 40 AA % 3 57 Urawa Red Diamonds 38 BBB % 4 66 Gamba Osaka 28 AA % 5 70 FC Tokyo 23 BBB % All of Japan s top five most valuable football club brands make the top 100 of Brand Finance s latest report on Football club brand values. Nagoya Grampus is Japan s most valuable football club brand, with a brand value of US $45m, making the team the world s 51 st most valuable football club brand. * Indicative enterprise valuation Kashima Antlers are 2 nd in Japan (brand value US $40m), followed by Urawa Red Diamonds (US $38m), Gamba Osaka (US $28m) and FC Tokyo which is 5 th in Japan and 70 th in the world with a brand value of US $23m. 16

17 China Top Teams from around the world Wanda Plaza Chinese Football Association Super League Country Global Club Brand Value 2012 Rating EV* BV/EV 1 35 Guangzhou Evergrande FC AA % 2 69 Beijing Guoan FC AA % 3 97 Shandong Luneng Taishan FC A % Jiangsu Sainty FC AA % Liaoning Whowin FC A % The league probably catching the most headlines at the moment is the concisely named Wanda Plaza Chinese Football Association Super League. Players such as Nicolas Anelka have significantly raised the league s profile in recent years. With Champion s League hero Didier Drogba rumoured to be on his way to China and Chinese businesses * Indicative enterprise valuation starting to take notice of sponsorship opportunities the league looks set for a bright future. The real challenge for clubs will be to convert their investments to revenues and monetize their brands in an emerging economy rife with counterfeiting. Middle East The Middle East Country Global Club Brand Value 2012 Rating EV* BV/EV 1 80 Al Hilal FC B % 2 86 Ittihad FC BB % Al Ain FC B % Hapoel Tel Aviv FC BB % Al Nassr FC B % Al Hilal is the Middle East s top football club brand, with a brand value of US $21m. No Middle Eastern clubs made the top 50 of the Brand Finance Football Brands 2012 but the release of the full, international results show that Al Hilal and Ittihad make the top 100, placing 80 th and 86 th in the world. * Indicative enterprise valuation Al Ain FC is 101 st with a brand value of US $15m and Al Nassr is 124 th at US $12m. Hapoel Tel Aviv is Israel s most valuable football club brand at US $8m, ranking 4 th in the Middle East and 114 th worldwide. 17

18 How were the rankings compiled? The Brand Finance Index of The Brand Finance Football Brands 2012 was compiled using, where available, publicly available information regarding market share, market growth and company financials. Our main sources of publicly available data were the Deloitte Football Money League Report, Bloomberg, individual football club Annual Reports and press releases. Brand value was derived using a relief from royalty method that values brands according to the cost of re-licensing them from a hypothetical third party. To compile the ranking we looked at the top 70 clubs in Europe and then at select top clubs from the rest of the world. Royalty Relief Approach The Royalty Relief method is used for three main reasons: 1. It is the most recognised by technical authorities worldwide and favoured accounting, tax and legal users because it calculates brand values by reference to comparably third-party transactions. 2. The method ties back to the commercial reality of brands and their ability to command a premium in an arm s length transaction. 3. It can be performed on the basis of publicly available financial information What is a brand value? We define the brand as the trademark and associated intellectual property. Football clubs are made up of a mixture of fixed tangible assets (stadium, training ground) and disclosed intangible assets (purchased players) with brand value, internally developed players & goodwill making up the difference to provide the combined clubs value. How do we measure it s value? We use the Royalty Relief method. This approach assumes the company doesn t own their brand and must license it from a theoretical third party. The method determines how much it would cost to do this. It is called the Royalty Relief method because when a business owns their brand they are relieved from paying a royalty rate for its use. How does the Royalty Relief approach work? Determine forecast revenues - referencing historic trends market growth estimates, competitive forces, analyst projections and company forecasts. 1. Assess the Brand Strength we use our βrandβeta Index which in the case of football clubs scores domestic and European honours, club heritage, revenue scale and split, attendances and global reach amongst others to benchmark the brands against each other. 2. Establish a Royalty Rate we review comparable licensing agreements as well as analysing margins and value drivers to establish a royalty rate range for the sector and revenue stream. The βrandβeta is then applied to find the correct royalty rate for each brand within the range Rev Forecast 5 X RR - tax X Discount Rate NPV 3. Determine the Discount Rate this allows us to calculate the net present value (NPV) of the brand s future earnings, therefore putting future benefits in today s terms. 4. Brand Valuation Calculation steps 1-3 are then brought together to determine the NPV of post-tax royalties, which is the brand value. 18

19 Brand Ratings: These are calculated using Brand Finance s Brand Strength Index analysis, which benchmarks the strength, risk and future potential of a brand relative to its competitors on a scale ranging from AAA+ to D. It is conceptually similar to a credit rating. The data used to calculate the ratings comes from various sources including Bloomberg, annual reports and Brand Finance research. Brand Ratings Definitions AAA AA A BBB-B CCC-C DDD-D Extremely strong Very strong Strong Average Weak Failing Valuation Date All brand values in the report are as at 21st May 2012 and displayed. For any further information, please contact: Dave Chattaway Head of Sports Brand Valuation Matt Hannagan Sports Valuation Analyst Or visit: 19

20 About Brand Finance Brand Finance is an independent global business focused on advising strongly branded organisations on how to maximize value through the effective management of their brands and intangible assets. Since it was founded in 1996, Brand Finance has performed thousands of branded business, brand and intangible asset valuations worth trillions of dollars. Brand Finance s services support a variety of business needs: Technical valuations for accounting, tax and legal purposes Valuations in support of commercial transactions (acquisitions, divestitures, licensing and joint ventures) involving different forms of intellectual property Valuations as part of a wider mandate to deliver value-based marketing strategy and tracking, thereby bridging the gap between marketing and finance. Our clients include international brand owners, tax authorities, IP lawyers and investment banks. Our work is frequently peer-reviewed by the big four audit practices and our reports have also been accepted by various regulatory bodies, including the UK Takeover Panel. Brand Finance is headquartered in London and has a network of international offices in Amsterdam, Bangalore, Barcelona, Cape Town, Colombo, Dubai, Geneva, Helsinki, Hong Kong, Istanbul, Lisbon, Madrid, Moscow, New York, Paris, Sao Paulo, Sydney, Singapore, Toronto and Zagreb. 20

21 Our Services At Brand Finance, we are entirely focused on quantifying and leveraging intangible asset value. Our services compliment and support each other, resulting in robust valuation methodologies, which are underpinned by an in-depth understanding of revenue drivers and licensing practice. Valuation Analytics Strategy Transactions We perform valuations for financial reporting, tax planning, M&A activities, joint ventures, IPOs and other transactions. We work closely with auditors, tax authorities and lawyers. Our analytical services help clients to better understand the drivers of business and brand value. Understanding how value is created, where it is created and the relationship between brand value and business value is a vital input to strategic decision making. We give marketers the framework to make effective economic decisions. Our value-based marketing service enables companies to focus on the best opportunities, allocate budgets to activities that have the most impact, measure the results and articulate the return on brand investment. We help private equity companies, venture capitalists and branded businesses to identify and assess the value opportunities through brand and market due diligence and brand licensing. Financial reporting Brand equity drivers Brand strategy Brand due diligence Tax and transfer pricing Brand strength analysis Brand architecture Brand licensing Litigation Investor relations Brand risk analysis (ßrandßeta ) Brand scorecards Brand extension Budget setting and allocation Fundraising Marketing mix modelling Brand value added (BVA ) Marketing ROI 21

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